Female Financial Advisors,

  • Just a few weeks ago a surprising statistic showed up in one of our blogs. Over half of single women have a moderate or heavy amount of anxiety about dealing with finances. Many single women are successful in their chosen field and many are business owners. American Express commissioned a study this year that found the number of women-owned firms increased by 45 percent between 2007 and 2016. Many of these women are sole owners, showing us that the idea of successful single women can be a spectrum from personally single to business single and personally attached.   

  • Many women struggle to find a financial advisor who understands their concerns and feels like a good match for their financial planning needs. This happens for a variety of reasons, but the truth is simple: women aren’t a homogenous group. We’re all unique individuals with specific goals, desires, dreams, and worries.

    Too many advisors gear their advice toward women by offering generic platitudes without getting down to the nitty-gritty. Women want an authentic relationship with their advisor that dives deeper beyond the surface-level financial advice and small talk. They want a custom plan that supports their short and long term goals, and they don’t want to have the advisor continually address their husband or partner instead of directing questions their way.

  • Women face unique challenges when planning financially. So not surprisingly, often the best advisors to help women plan are other women. No, this is nothing against male advisors who may be equally as competent. These are insights into some of the dynamics that might affect whether a woman could be more comfortable working with another woman.

    Gender traits– To begin, “men are from Mars, women are from Venus,” right? It’s common knowledge that women operate differently than men. Many women tend to excel at listening empathetically, building relationships and practicing patience. This is not to say men cannot act in a similar manner, but it’s not as common with men in the client-advisor relationship. These traits that many women advisors possess aid in effective communication, which is imperative for a good planner-client relationship.

Get New Posts Emailed to You!
*required
 

Finance Made Simple